Foreclosure Suit

June 3, 1985

ORLANDO — The company holding the mortgage on the Sheraton Twin Towers hotel has filed a foreclosure suit charging that the owners owe an unpaid balance of $31.5 million. Crocker Holdings Inc., a Delaware corporation that holds the mortgage, said in its lawsuit that the Sheraton's owners have been in default since July 1984. Crocker also said that on April 30 the owners violated a forbearance agreement -- a contractual plan to bring payments up to date. Since the forbearance agreement was broken, Crocker charged in its suit, interest has been accumulating on the debt at the rate of $8,133 a day. The hotel will continue normal operations, owner Charles M. ''Skip'' Brennan said. Background: The 18-story twin-tower complex was one of the first major hotels built in Orlando after Walt Disney World opened in 1971. It has 746 rooms and a 50,000-square-foot convention center.